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Sep 10, 2012 2:30pm PDT
>> live from berlin, this is the "journal" at dw. i am ben fajzullin. >> the euro skeptics who wants to end the bailout. >> where it all began -- in athens, the wrangling drags on over the next austerity plan. >> london says farewell to its summer of sports as the paralympics come to an end. >> it is crunch time. germany's highest court is set this week to rule on key changes to the way the eurozone is -- one politician is trying to delay the verdict. but he has asked the constitutional court to -- >> he has asked the constitutional court to delay its decision. >> these new tools were championed by the german chancellor herself. >> the court is reviewing its request that it review its long- awaited ruling on whether to let it bailout fund pass into law. peter gauweiler file the request in light of the central bank's announcement that it will buy unlimited amounts of bonds from troubled eurozone countries. for the far left, too, it is reason for a rethink. >> if the european central bank goes this way, we will not need a bailout mechanism. the bank itself will do the bailing out
Sep 11, 2012 2:30pm PDT
verdict as originally planned, ruling on the legality of the 700 billion euro fund. germany is the main contributor, so it is backing it. >> these parties -- these proceedings come as the chairman paul raman looks at how much money will be half the funding next year as part of the budget. >> the timing could have been better. the budget debate coinciding with the constitutional court's debate on the esm. the inquiry -- and certain future of europe is in states like grease makes things difficult enough. germany says for the fun to work, troubled countries must implement reforms. >> without such reforms, nothing is going to happen in the member states. that is called conditionality. conditionality is an indispensable requirement for every european aid program. that is in that treaty. >> that government says germany's proposed budget for 2013 is solid. revenues are expected to reach 283 billion euros compared to expenditures of 302 billion. that would amount to a debt of 19 billion next year, but that is down from this year's 32 billion. >> germany has become much more shock resistant
Sep 27, 2012 12:00am PDT
, mario monti. >> we are all part and parcel of a wider thing called the euro zone and the european union. and it is not enough-- it is imperative but it is not enough that each of our countries puts its own house in order. we also need to have a better governance of the whole, not only of the parts. and this is happening month after month because the european union as a whole is improving. >> rose: and then the foreign miminister of france, laurent fabius. >> we have to fulfill our role, and today we do not. but if this massacre continues, i think, first, it will have terrible effects on the region. and maybe-- well, our principle, as evidence saying, is to comply with the international legal rules. but the time comes where the human pressure is too strong. and maybe the time is coming. >> rose: in order, it may be a time that you have to act, even though you cannot get security council approval? >> it could be. you know when you have such massacre, you cannot say never. >> rose: mario monti, and laurent fabius when we continue. captioning sponsored by rose communications >> tonigh
Sep 28, 2012 6:30pm PDT
need not fear for their savings. nobody will lose a single year of -- single euro. >> merkel and steinbruck steered germany through the beginnings of the financial crisis. many felt they made a good team, but since the social democrats were thrown out of office, the two have been opponents. merkel has managed the crisis without steinbruck and remained popular. if the 3% of germans want to keep her as chancellor, although some in her own party would like to see her go -- 53% of germans want to keep her as chancellor. many christian democrats believe they cannot win without. polls show only 36% one steinbruck -- wabt steinbruck -- want steinbruck as chancellor. but many conservatives say they trust his expertise in economic and fiscal policy. just last wednesday, steinbruck presented his own plan for combating market instability and ridiculed merkel's policy of rescuing banks. >> a bank just has to declare itself too big to fail, and then the state will protect it, meaning taxpayers are held hostage. that is how it works. sometimes i feel like declaring myself too big to fail so i
Sep 12, 2012 2:30pm PDT
a green light for the euro bailout fund -- germany's top board says the rescue package can go ahead. >> the u.s. ambassador in libya and three other american officials are killed during islamist protests in benghazi. >> in pakistan, nearly 300 people died in a blaze at a clothing factory. germany's top court has approved the eurozone bailout fund with some conditions. the ruling clears up a key hurdle toward resolving the eurozone debt crisis. >> in the landmark decision, the constitutional court overturn legal challenges aimed at preventing the european stability mechanism and the european this compact from becoming law. 37,000 people in germany joined the suit which challenged the constitutionality. >> the plaintiffs claim germany was fighting way to much of parliament's power over the budget. >> all eyes were on the german constitutional court as a judge is prepared to hand down their decision on european stability mechanism. those who filed the suit want to stop the esm's ratification. a high court struck down the injunction, clearing the way for the measure. but the judges set
Sep 26, 2012 11:00pm PDT
came in, and i think it's pretty important for italy, of course, but, also, for the whole of the euro zone, the whole of europe, and the global economy that a country which is the third largest country in the-- the third largest economy in the euro zone has not added the weight to the series of local fires that have been happening. i believe that, also, the huge interest shown, for example, from this side of the atlantic, vis-a-vis italian developments can only be explained because of the risk that was attached to italy being derailed, and the hope that we have been putting italy back on the rails safely. >> rose: i would think that the most difficult thing for most governments, if you believe there was a need for austerity, to be able to make the political argument to the citizens of a country, true in greece, true in spain, true in italy. what's the argument that you believe enabled you to find the right balance? well, i don' know whether it is the right balance. i can tell you what arguments i used. very simple ones. saying we risk-- if we continue like this, that the government wi
Sep 11, 2012 6:00pm EDT
. now you know i like to follow the euro as the single best read on the european mess. you can do that through the fxc, the etf that measures the strength of the euro over the dollar. when the currency bottomed in july, wit australia huge turning point for our stock market, particularly the international companies that do a ton of business in europe and the global banks that remain on the hook. that's why tonight a big german supreme court ruling that i cannot underemphasize. we're going off the charts to see where the euro might be headed and what we can do about it with the help of ed ponce, the managing director and my colleague. first we need to figure out whether the euro is in bull mode or bear mode. take a look at this chart versus the dollar. ponce thinks this is a great-looking chart. as you can see thanks to the recent valley. the euro has finally broken out above its long-term downtrend, a downtrend that kept the currency pinned for over a year. it's also trading above its 200-day moving average for the first time this year. these are just gigantic indicators to people. put
Sep 27, 2012 2:30pm PDT
increases to pensions and university scholarships. well, agrees needs to cut 12 million euros in spending if it wants more international money -- greece needs to cut 12 million euros. leaders got down to business and reached a basic agreement on a fres round of austerity measures. >> the budget talks come as strikes and demonstrations continued in athens and other parts of greece. the protests have broad public support with virtually everyone affected from students and pensioners to those in need of ongoing medical assistance. >> hundreds of disabled greeks came to athens from across the country to tell the government not to cut their benefits. they say current average payments barely meet their basic needs. >> the disabled are part of society, and they should be protected through the country's constitution. they want to cut what meager incomes we have. we have no other way to survive without our benefits and pensions. >> the new round of belt- tightening measures includes plans to cut health-care spending, but details have not yet been released. leaders of the coalition governme
Sep 21, 2012 2:30pm PDT
putting the brakes on spending with plans to save 1 billion euros by cutting jobs. >> mercedes' new a class is hoping for a comeback as a small family car. daimler things offering more space at affordable prices will pay off. but larger luxury cars are the big earners. mercedes is having a tough time. sales in europe are weak and in the more promising chinese market, competition is fierce. after earlier losses, by 2010, mercedes was back in the black and made around 5 billion euros in 2011, but this year's profit is forecast to be much lower. a german newspaper says that daimler's ceo wants to save 1 billion euros in the consumer cars dimension. daimler has not commented on the report, but experts say the consumer sections are likely to be the worst affected. >> let's have a quick peek at how the market numbers are doing. the dax closed almost 1% up. euro stoxx 50 so ended the day almost 1% up. the bureau is trading for $ 1.2987. >> stay with us. we will be back in one minute. >> that's right. stick around. >> welcome back, everybody. belarus holds national elections on sunday. most b
Sep 5, 2012 5:00pm PDT
ecb has proposed certain conditions for buying state bonds. individual euro zone nations need to contribute bonds for the operation. struggling nations asking for help need to commit to returning their fiscal status back to health. the german bank opposes the program and says it would threaten the central bank's dependence. they say they plan to discuss a possible cut in the key interest rate to boost economic growth. the euro zone economy shrank again due to the ongoing debt problems. >>> now let's get a check on the markets. overnight u.s. stock prices ended mixed again. to see how they're trading thursday in tokyo, we go to ramin standing by. ramin, how are things kicking off this thursday? >> very good morning. let's have a look at the opening levels for the nikkei and the t topix. they're both trading just bea y barelies in positive and they're up a tenth of a percent. let's not forget the nikkei closed at a one month low on wednesday and it was down for a fifth straight day. china-related stocks were lower and continued concerns about the u.s. economies not helped by a stro
Sep 26, 2012 6:30pm PDT
more than 11 billion euros. 3000 police have been deployed to central athens. >> the main square of athens was a battleground again. a group of young demonstrators set garbage alight and threw molotov cocktails at police. officers hit back, dispersing the crowd. demonstrators fled. the protests started peacefully with tens of thousands of people showing up. the unions who organized the all greek workers. millions live in athens, but on wednesday morning, the streets were quiet. shopkeepers pulled down their shutters. railway workers walked off the job. the top national earner, the shipping industry, stood still. unionists had spent days had prepared for the rally, complaining that a steer the cuts had hung greek workers out to dry. >> we have been subjected to all the reductions. i think even when euro away from us, we will be finished. >> greeks complain they feel the pinch of government spending cuts. >> that are forcing me to quit my job early, without my wanting to. they are forcing me to take a reduction in salary and benefits. everything will be cut. >> greece's government say
Sep 13, 2012 2:30pm PDT
brussels would provide cairo with advisers and 200 million euros to support democratic reforms in egypt. >> another day of fighting in syria and a fresh attempt at international diplomacy. >> lakhdar brahim is the second of a boy to try brokering peace and it's his second day in damascus. he know that he faces an uphill struggle. >> today, he meets at the foreign minister and tomorrow the president. this comes as rebel forces have gone into a key district of aleppo. >> the joint on voice of the un and the arab league arrived in damascus amidst what he called a deepening crisis. he was greeted by the deputy foreign minister. ordinary syrians pin many hopes on this mission, but lakhdar brahim warns of high expectations. >> i believe the crisis is worsening further. i think everyone agrees it is necessary to stop the bloodshed and restore harmony among the people. >> over the coming days, he is due to hold talks with the syrian president. as well as opposition leaders to remain in the country. the renewed diplomatic push comes as fighting continues elsewhere, like here in aleppo. an
Sep 24, 2012 4:00am EDT
billion euro short fall. >>> and a northern chinese factory shuts down after a brawl involving 2,000 workers getting out of hand. >>> 3w4re7plenty to get through including the ifo business climate index. it has fallen in september. 101.4. a little bit weaker than consensus forecast is what we were looking at. current conditions 110.3. and that's versus consensus forecast p 111. euro-dollar dipping down. and the expectations index 93.2. so a little weaker across the board. and let's get reaction. joining us, julian callo. slightly weaker ifo, we thought it would be better. >> that's right. i would personally tent to dress a little bit more the pmi day take. not a surprise to find the pmi is still languishing. e t domestic economy might be in good shape and the budget balance likely close to zero for this year, at the same time, germany has seen a big slowdown in its exports of southern europe and there seems to be growing evidence that exports are starting to falter a little bit it emerging economies. particularly i would think to china, which i think is affecting sentiment. it
Sep 27, 2012 6:30pm EDT
minister mario monti on the future of the euro. is italy better off with the euro or without? there was a time not so long ago the blackberry device was a korpts status sim bon then came itsix phone and android system. after the closing bell research in motion reported it lost money for the third quarter in a row. but it lost a lot less money than feared. losses were 27 cents per share, that's about 20 cents less than analysts estimate. and perhaps most encouraging after months of delays the company said its newest blackberry device is still on track now to launch in the first quarter of the year. colin gill sis with us, senior technology analyst at bgc financial, he joins us from that firmment dow agree, results not as bad as feared? >> absolutely. its company lives to fight another day. when you look at the results, there were several glimmers of positive notes you could take away including an increase in the cash position and an increase in the total number of describers. >> i want to ask you about the cash position here because it has been building pretty steadily over the past
Sep 27, 2012 7:00am EDT
euros. they can expect a fire reception. there have been two days of protests. we will be looking at how the markets react. >> hello, and welcome to "gmt." i'm george alagiah what a world of news and opinion. also -- reward for reform. deliver clinton says it will believe -- america will lead the import ban on burmese products. >> thought of will be good to do this. >> we have the question that the british prime minister could not answer on america's influence of talk show. it is midday in london, 7:00 a.m. in washington and 1:00 in the afternoon in the did -- in madrid where the spanish government is due to unveil the latest controversial cuts. there are speculation pensions could be cut back, taxes raised in-state own businesses privatized. prime minister mariano rajoy is looking to slash spending by some 40 billion euros, about $50 billion. the prospect of yet more austerity for a country in deep recession -- unemployment running staggering 25% -- has already seen thousands take to the street in clashes with police brief was get the latest from our correspondent in the madrid. >>
Sep 6, 2012 6:30pm PDT
. >> draghi says the measure is within the bank's mandate to maintain price stability and that the euro is irreversible. >> at the press conference, draghi said what investors were waiting to hear -- with weak growth forecast to continue, he said the european central bank was ready to start buying bonds from struggling european governments. >> it is against this background that the governing council today decided on the modalities for undertaking out right transactions. in secondary markets for a sovereign bonds. >> draghi said governments wanting the ecb to buy their bonds will have to adhere to strict conditions. the program is aimed at lowering borrowing costs pushed up by market uncertainty. >> we will have a fully effective backstop to avoid destructive scenarios with potentially severe challenges for price stability in the euro area. >> draghi added that there was one dissenting vote on the ecb board. it is widely believed to have been from germany, which has been opposed to ecb intervention. >> more analysis now from the german institute of economic research. you have seen the pr
Sep 24, 2012 6:30pm PDT
speculation that the euro area members could leverage the rescue fund, esm, to 2 trillion euros. germany's finance inister said this would not be very realistic. on the other hand, the euro has been weakened by these rumors. >> the dax fell by one half of 1% to finish at 7413. euro stoxx 50 was down by 3/4 of 1%. the dow is trading slightly higher, 13,586 points. the euro is trading at about you of 1.2930. -- at a value of 1.2930. >> another big discussion is the pros and cons of genetically- modified food. proponents say it can help eliminate allergies or grow food stricken by drought. >> others argue that gm crops and foods can have a very harmful effects on the human body, including causing cancer. >> this rat is riddled with cancer allegedly caused by genetically-modified corn feed developed by the biotech giant monsanto. french scientists say their research proves dell inc.. eu agricultural ministers gave a cautious -- approves dell inc. -- french scientists say their research proves the link. the u.s. agricultural ministers gave a cautious reply. -- the eu agricultural ministers gave
Sep 26, 2012 7:00am EDT
pressure and from the international community, its creditors. it would not get the next 31 billion euro installment and would face bankruptcy and a possible exit from the euro. that's difficult message to sell to the people, because they are a nation between rage and despair. this country is suffering from record unemployment, 24%. a third of greeks below the poverty line. that is what is fueling the social unrest. it is what is making tens of thousands of people come out onto the streets of central athens and other big cities in this first big general strike since antonis samaras and his government took power in june. >> the government is adamant that it will stick to its plan, but could there be a sense in which these kinds of strikes help the government is looking for some leeway in the timetable in which it has to implement the reforms? >> i think you are right. what antonis samaras, the prime minister, will say to his european counterparts is to look at this groundswell of social unrest and fury bubbling beneath the surface and if the european partners want me to stay in power, the
Sep 14, 2012 12:00pm EDT
insights. >> thank you. >> david bianco with deutsche. >>> up next, we're tracking the e euro. [ male announcer ] the 2013 smart comes with 8 airbags, a crash management system and the world's only tridion safety cell which can withstand over three and a half tons. small in size. big on safety. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime... tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 trade at charles schwab for $8.95 a trade. tdd#: 1-800-345-2550 open an account and trade up to tdd#: 1-800-345-2550 6 months commission-free online equity trading tdd#: 1-800-345-2550 with a $50,000 deposit. tdd#: 1-800-345-2550 call 1-866-294-5373. [ male announcer ] the exceedingly nimble, ridiculously agile, tight turning, fun to dr
Sep 28, 2012 4:00am EDT
the french government. basically 20 billion euros in additional taxes in the budget for the next year. and only 10 billion euros in spending cuts. that's the plan to reach the deficit target. that's the best case scenario because the budget is based on a growth assumption of 0.8% which seems to be far too optimistic. plenty of private economists believe the french economy won't grow more than 0.3% next year. in that case, the government will need to find an additional 5 feweuro of spending cuts on t of what will be announced today. the budget will include one very symbolic measure, new tax rate of 75% for people earning more than 1 million euros per year. it will be implemented only on around 2,000 people and it will raise only 200 million euros. so that's a symbolic measure that the prime minister has been clear already saying that it was a patriotic contribution to help the country recovery. also the government will confirm today probably that the bracket for the income tax in france won't be adjusted anymore to the inflation. that seems to be technical, but it means that with
Sep 5, 2012 3:00pm EDT
dollar. it's not moved that much, and at the end of the day, look, relative to the euro, we're stronger than we were. >> that's because the euro has been declining. >> are we going up or down, diane, pick a way and go with it. >> you want to compare it to the euro with what's going on -- >> what's -- >> the euro has been weakenning. >> steve, how does monetary policy create jobs. >> if we lean on aggregate demand, and the question is can they create employment -- >> the answer is no. >> it depends on how much slack there is. >> we're talking about what can it do right now, not at the binning of the recession, when interest rates were high, and then one could have aring it had had a positive even. rig right now they are at historic lows. >> what is the right amount of unemployment? >> not 8.3%. >> are we closer to the natural rate or is there still slack in the economy? >> there's a lot of slack in the economy. plus, the government is doing everything it can to stop job creation. it just put a $2,000 tax on if you remembers with workers that don't have the right kind of health i
Sep 28, 2012 12:00pm EDT
system has a capital shortfall of 59.3 billion euros. i believe this is in line with expectations. spain, another headline. capital shortfall 53 ppt 7 when you take into account the tax credit. some of the stuff written beforehand was that if you're a good bank, you can use it. if you're a problem, you can't use it. spain says seven banks have capital needs. seven do not. and they said the shortfall is 3.2 billion euros. details on the banks. so this is appearing to be in line. you said earlier there were some significant questions as to how they were doing the count iing here and the amount of money needed to shore up spain. there's 100 billion euro available. for the moment, spain is going to be e below that number. >> it looks like the euro has popped off a little higher as a result. if we can show the spanish tenure at some point and also the major averages. we're looking for the bad bank. how much capital is it going to need and what price are we going to see those bad assets put into the bad bank. hovering around flat. >> i'm seeing the two-year is rising in price, declining
Search Results 0 to 49 of about 712 (some duplicates have been removed)